BAKU, Azerbaijan, October 26. Uzbekistan and
South Korea’s state-backed Korea Overseas Infrastructure & Urban
Development Corporation (KIND) have agreed to accelerate efforts to
establish a joint investment company to finance infrastructure
projects, including airport modernization, smart city development
and road construction at a meeting on October 21 in Tashkent.
This was reflected in the statement by the Uzbekistan’s Ministry
of Investment, Industry and Trade, following a meeting between
Deputy Minister of Investment, Industry and Trade Ibrokhim Ergashev
and a delegation from Korea Overseas Infrastructure & Urban
Development Corporation (KIND).
The parties explored investment attraction mechanisms,
opportunities to expand financial cooperation and priority areas
for joint initiatives.
Following the meeting, the sides agreed to step up work on
establishing the joint investment company, explore financing
options for prospective projects and continue negotiations on their
practical implementation.
Established by the South Korean government in 2018, KIND
supports the development, financing and investment of overseas
infrastructure and urban development projects. The corporation
works with Korean companies and international partners on
public-private partnerships (PPPs), providing support ranging from
project planning and feasibility studies to investment and
financing arrangements. Its areas of activity include
transportation infrastructure, urban development, industrial
facilities and renewable energy.
KIND is already involved in Uzbekistan’s infrastructure
development. Its cooperation with the country includes the
modernization and management of Urgench International Airport under
a public-private partnership project valued at $223 million. The
corporation is also working on development plans for a new
international airport in Tashkent and a proposed pharmaceutical and
biotechnology industrial complex known as the Tashkent Smart
Bio-Cluster.
The proposed joint investment company could provide a framework
for identifying and financing additional projects, strengthening
infrastructure cooperation between Uzbekistan and South Korea and
expanding opportunities for Korean companies to participate in
Uzbekistan’s development.
